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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2022 or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
001-3034
(Commission File Number)
Xcel Energy Inc.
(Exact name of registrant as specified in its charter)
Minnesota
41-0448030
(State or Other Jurisdiction of Incorporation or Organization)(IRS Employer Identification No.)
414 Nicollet Mall
Minneapolis
Minnesota
55401
(Address of Principal Executive Offices)(Zip Code)
612
330-5500
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $2.50 par value per share
XEL
Nasdaq Stock Market LLC
Securities registered pursuant to section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes  No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  Large accelerated filer  Accelerated filer  Non-accelerated filer Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes No
As of June 30, 2022, the aggregate market value of the voting common stock held by non-affiliates of the Registrant was $38,692,119,433.
As of Feb. 16, 2023, there were 549,847,034 shares of common stock outstanding, $2.50 par value.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant’s definitive Proxy Statement for its 2023 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.
1


TABLE OF CONTENTS
PART I
Item 1 —
Item 1A —
Item 1B —
Item 2 —
Item 3 —
Item 4 —
PART II
Item 5 —
Item 6 —
Item 7 —
Item 7A —
Item 8 —
Item 9 —
Item 9A —
Item 9B —
Item 9C —
PART III
Item 10 —
Item 11 —
Item 12 —
Item 13 —
Item 14 —
PART IV
Item 15 —
Item 16 —

2

Table of Contents
PART I
ITEM 1 — BUSINESS
Definitions of Abbreviations
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
Capital ServicesCapital Services, LLC
EloigneEloigne Company
e primee prime inc.
NSP-MinnesotaNorthern States Power Company, a Minnesota corporation
NSP SystemThe electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota
NSP-WisconsinNorthern States Power Company, a Wisconsin corporation
Operating companiesNSP-Minnesota, NSP-Wisconsin, PSCo and SPS
PSCoPublic Service Company of Colorado
SPSSouthwestern Public Service Co.
Utility subsidiariesNSP-Minnesota, NSP-Wisconsin, PSCo and SPS
WGIWestGas InterState, Inc.
WYCOWYCO Development, LLC
Xcel EnergyXcel Energy Inc. and its subsidiaries
Federal and State Regulatory Agencies
CPUCColorado Public Utilities Commission
DOCMinnesota Department of Commerce
DOEUnited States Department of Energy
DOTUnited States Department of Transportation
EPAUnited States Environmental Protection Agency
FERCFederal Energy Regulatory Commission
IRSInternal Revenue Service
MPCAMinnesota Pollution Control Agency
MPUCMinnesota Public Utilities Commission
NDPSCNorth Dakota Public Service Commission
NERCNorth American Electric Reliability Corporation
NMPRCNew Mexico Public Regulation Commission
NRCNuclear Regulatory Commission
PHMSAPipeline and Hazardous Materials Safety Administration
PSCWPublic Service Commission of Wisconsin
PUCTPublic Utility Commission of Texas
SDPUCSouth Dakota Public Utility Commission
SECSecurities and Exchange Commission
TCEQTexas Commission on Environmental Quality
Electric, Purchased Gas and Resource Adjustment Clauses
CIPConservation improvement program
DSMDemand side management
ECARetail electric commodity adjustment
FCAFuel clause adjustment
GCAGas cost adjustment
GUICGas utility infrastructure cost rider
RESRenewable energy standard
Other
AFUDCAllowance for funds used during construction
AMTAlternative minimum tax
ALJAdministrative Law Judge
AROAsset retirement obligation
ASCFinancial Accounting Standards Board Accounting Standards Codification
ATMAt-the-market
BARTBest available retrofit technology
C&ICommercial and Industrial
CapX2020Alliance of electric cooperatives, municipals and investor-owned utilities in the upper Midwest involved in a joint transmission line planning and construction effort
CCRCoal combustion residuals
CCR RuleFinal rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CDDCooling degree-days
CEOChief executive officer
CFOChief financial officer
CIGColorado Interstate Gas Company, LLC
CONCertificate of Need
CSPVCrystalline Silicon Photovoltaic
CWIPConstruction work in progress
D.C. CircuitUnited States Court of Appeals for the District of Columbia Circuit
DECONDecommissioning method where radioactive contamination is removed and safely disposed of at a requisite facility or decontaminated to a permitted level
DRIPDividend Reinvestment Program
EEIEdison Electric Institute
EIPEnergy Impact Partners
EMANIEuropean Mutual Association for Nuclear Insurance
EPSEarnings per share
ETREffective tax rate
FTRFinancial transmission right
GAAPGenerally accepted accounting principles
GEGeneral Electric
GHGGreenhouse gas
HDDHeating degree-days
INPOInstitute of Nuclear Power Operations
IPPIndependent power producing entity
IRAInflation Reduction Act
ISO
Independent System Operator
ITCInvestment Tax Credit
LP&LLubbock Power & Light
MECMankato Energy Center
MGPManufactured gas plant
MISOMidcontinent Independent System Operator, Inc.
Native loadDemand of retail and wholesale customers that a utility has an obligation to serve under statute or contract
NAVNet asset value
NEILNuclear Electric Insurance Ltd.
NOLNet operating loss
NOPRNotice of proposed rulemaking
NOxNitrogen Oxides
O&MOperating and maintenance
OATTOpen Access Transmission Tariff
PFAS
Per- and PolyFluoroAlkyl Substances
PIPrairie Island nuclear generating plant
Post-65Post-Medicare
PPAPurchased power agreement
Pre-65Pre-Medicare
PTCProduction tax credit
RECRenewable energy credit
RFPRequest for proposal
ROEReturn on equity
ROURight-of-use
RTORegional Transmission Organization
S&PStandard & Poor’s Global Ratings
SERPSupplemental executive retirement plan
SO2
Sulfur dioxide
SPPSouthwest Power Pool, Inc.
TCATransmission cost adjustment
3

Table of Contents
TCJA2017 federal tax reform enacted as Public Law No: 115-97, commonly referred to as the Tax Cuts and Jobs Act
THITemperature-humidity index
TOTransmission owner
TSRTotal shareholder return
VaRValue at Risk
VIEVariable interest entity
WACCWeighted Average Cost of Capital
Measurements
BcfBillion cubic feet
KVKilovolts
KWhKilowatt hours
MMBtuMillion British thermal units
MWMegawatts
MWhMegawatt hours

Where to Find More Information
Xcel Energy’s website address is www.xcelenergy.com. Xcel Energy makes available through its website, free of charge, its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after the reports are electronically filed with or furnished to the SEC.
The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically at http://www.sec.gov. The information on Xcel Energy’s website is not a part of, or incorporated by reference in, this annual report on Form 10-K. Xcel Energy intends to make future announcements regarding Company developments and financial performance through its website, www.xcelenergy.com, as well as through press releases, filings with the SEC, conference calls and webcasts.
Forward-Looking Statements
Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2023 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, and expected impact on our results of operations, financial condition and cash flows of resettlement calculations and credit losses relating to certain energy transactions, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed elsewhere in this Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2022 (including risk factors listed from time to time by Xcel Energy Inc. in reports filed with the SEC, including “Risk Factors” in Item 1A of this Annual Report on Form 10-K), could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety, including our nuclear generation facilities and other utility operations; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third-party contractor factors; violations of our Codes of Conduct; our ability to recover costs and our subsidiaries’ ability to recover costs from customers; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; our subsidiaries’ ability to make dividend payments; tax laws; uncertainty regarding epidemics, the duration and magnitude of business restrictions including shutdowns (domestically and globally), the potential impact on the workforce, including shortages of employees or third-party contractors due to quarantine policies, vaccination requirements or government restrictions, impacts on the transportation of goods and the generalized impact on the economy; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather events; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.
Overview
Xcel Energy (the “Company”) is a major U.S. regulated electric and natural gas delivery company headquartered in Minneapolis, Minnesota (incorporated in Minnesota in 1909). The Company serves customers in eight states, including portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. Xcel Energy provides a comprehensive portfolio of energy-related products and services to approximately 3.8 million electric customers and 2.1 million natural gas customers through four utility subsidiaries (i.e., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS). Along with the utility subsidiaries, the transmission-only subsidiaries, WYCO (a joint venture formed with CIG to develop and lease natural gas pipelines, storage and compression facilities) and WGI (an interstate natural gas pipeline company) comprise the regulated utility operations. The Company’s nonregulated subsidiaries include Eloigne, Capital Services, Venture Holdings and Nicollet Project Holdings.
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Table of Contents
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Subsidiary / AffiliateFunction
NSP-MinnesotaElectric & Gas
NSP-WisconsinElectric & Gas
PSCoElectric & Gas
SPSElectric
WGIInterstate gas pipeline
WYCOGas storage and transportation
Other SubsidiariesSee Note 1 to the consolidated financial statements for further information
Utility Subsidiary Overview
Electric customers3.8 million
Natural gas customers2.1 million
Total assets$61.1 billion
Electric generating capacity20,897 MW
Natural gas storage capacity53.5 Bcf
Electric transmission lines (conductor miles)110,000 miles
Electric distribution lines (conductor miles)213,000 miles
Natural gas transmission lines2,200 miles
Natural gas distribution lines37,000 miles
Service Territory
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Strategy
Xcel Energy’s vision is to be the preferred and trusted provider of the energy our customers need. We will deliver on this vision while offering a competitive total return to shareholders. Our mission is to provide our customers with safe, clean, reliable energy services they want and value at a competitive price.
We execute on our vision and mission through three strategic priorities.
LEAD THE CLEAN ENERGY TRANSITIONENHANCE THE CUSTOMER EXPERIENCEKEEP BILLS LOW
Our employees are guided by our four corporate values: Connected, Committed, Safe, and Trustworthy.
Our values, culture and Code of Conduct serve as the foundation upon which Xcel Energy’s Board of Directors, employees, contractors and suppliers approach their work in delivering on our three strategic priorities.
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Our sustainability and Environmental, Social and Governance commitments are summarized as follows:
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(1)Spans natural gas supply, delivery and customer use.
(2)Includes the Xcel Energy fleet; zero-carbon fuel is electricity or other clean energy.
Deliver a Competitive Total Return to Investors
Successful strategy execution, along with our disciplined approach to growth, operations and management of environmental, social and governance issues, positions us to continue delivering a competitive TSR.
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We have consistently achieved our financial objectives, meeting or exceeding our initial earnings guidance range for 18 consecutive years and delivering dividend growth for 19 consecutive years.
Over the past five years, GAAP earnings per share have grown by 7.1% annually and our annual dividend growth was 6.3%. Xcel Energy works to maintain senior secured debt credit ratings in the A range and senior unsecured debt credit ratings in the BBB+ to A range. Current ratings are consistent with this goal.
LEAD THE CLEAN ENERGY TRANSITION
For nearly two decades, Xcel Energy has proactively managed the risk of climate change and worked to meet increasing demand for cleaner energy.
Carbon-free Electricity by 2050
In 2018, Xcel Energy became the first U.S. utility to establish a carbon-free vision, targeting 100% carbon-free electricity by 2050 with an interim goal to reduce carbon emissions 80% by 2030 (from 2005 levels), including owned and purchased power. A lead author for the climate change scientific analysis issued by the Intergovernmental Panel on Climate Change confirmed that our vision aligns with science-based scenarios likely to limit global warming to 1.5 degrees Celsius from pre-industrial levels.
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Goal includes owned and purchased power.
The pace of achieving a carbon-free vision is governed by reliability and customer affordability. Our approved resource plans outline a clear, transparent path for reducing carbon emissions 80% using current technologies, while maintaining customer bill increases at or below the rate of inflation. Moving from 80% carbon reduction to 100% carbon-free electricity will require new dispatchable technologies that are economically viable, as well as supportive public policy.
See Item 1A for risks and uncertainties related to strategic and sustainability goals and objectives.
Through 2022, we reduced carbon emissions from generation serving customers by an estimated 53% (from 2005 levels) and remain on track to achieve 80% carbon reduction by 2030.
Xcel Energy will be coal-free by year-end 2030, pending the approval of the proposed acceleration of the Tolk coal plant retirement to 2028. As we transition to clean energy, service reliability is a priority. Xcel Energy was ranked in the top quartile for customer reliability as determined in the 2022 Institute of Electrical and Electronics Engineers Annual Benchmarking Study.
Xcel Energy’s wind capacity is now over 11,000 MW, including nearly 4,500 MW of owned wind. Our fleet continues to demonstrate high wind availability with 2022 performance at approximately 97%, while saving customers over $3 billion in fuel related costs and PTCs since 2017.In 2022, Minnesota and Colorado commissions approved resource plans that will add nearly 10,000 MW of utility-scale renewable energy to our systems.
Beyond carbon emissions, we have significantly reduced other emissions and environmental impacts. Notable environmental improvements include:
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*Reductions in water consumption are from owned and purchased electricity that serves our customers. All other reductions are from owned generating plants.
**Coal ash and water consumption data are as of 2021.
As we prepare for early coal plant retirements, employees are provided advanced notice and offered retraining and relocation opportunities. To date, we have been successful in avoiding lay offs associated with our early coal plant retirements. We also help foster economic development opportunities to offset community economic impacts associated with coal plant closures. Xcel Energy has a long track record of working with our communities on energy, climate and environmental initiatives that impact them and has publicly committed to furthering environmental justice.